Page:United States Statutes at Large Volume 124.djvu/1571

 124 STAT. 1545 PUBLIC LAW 111–203—JULY 21, 2010 (ii) by striking clauses (ii) and (iii); and (B) in subparagraph (C), by striking ‘‘subparagraph (B)(i)’’ and inserting ‘‘subparagraph (B)’’. (b) CREDIT UNIONS.— (1) AMENDMENTS.—Section 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)) is amended— (A) in subparagraph (A)— (i) by striking ‘‘Subject to the provisions of para- graph (2), the net amount’’ and inserting the following: ‘‘(i) NET AMOUNT OF INSURANCE PAYABLE.—Subject to clause (ii) and the provisions of paragraph (2), the net amount’’; and (ii) by adding at the end the following new clauses: ‘‘(ii) INSURANCE FOR NONINTEREST-BEARING TRANS- ACTION ACCOUNTS.—Notwithstanding clause (i), the Board shall fully insure the net amount that any member or depositor at an insured credit union main- tains in a noninterest-bearing transaction account. Such amount shall not be taken into account when computing the net amount due to such member or depositor under clause (i). ‘‘(iii) NONINTEREST-BEARING TRANSACTION ACCOUNT DEFINED.—For purposes of this subparagraph, the term ‘noninterest-bearing transaction account’ means an account or deposit maintained at an insured credit union— ‘‘(I) with respect to which interest is neither accrued nor paid; ‘‘(II) on which the account holder or depositor is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawal, telephone or other electronic media transfers, or other similar items for the purpose of making payments or transfers to third parties or others; and ‘‘(III) on which the insured credit union does not reserve the right to require advance notice of an intended withdrawal.’’; and (B) in subparagraph (B), by striking ‘‘subparagraph (A)’’ and inserting ‘‘subparagraph (A)(i)’’. (2) EFFECTIVE DATE.—The amendments made by paragraph (1) shall take effect upon the date of the enactment of this Act (3) PROSPECTIVE REPEAL.—Ef fective January 1, 2013, sec- tion 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)), as amended by paragraph (1), is amended— (A) in subparagraph (A)— (i) by striking ‘‘(i) NET AMOUNT OF INSURANCE PAY- ABLE.—’’ and all that follows through ‘‘paragraph (2), the net amount’’ and inserting ‘‘Subject to the provi- sions of paragraph (2), the net amount’’; and (ii) by striking clauses (ii) and (iii); and (B) in subparagraph (B), by striking ‘‘subparagraph (A)(i)’’ and inserting ‘‘subparagraph (A)’’. Effective date. 12 USC 1787 note. 12 USC 1787 note.